Trade Disputes in India
Recognized under Indian law as a legitimate method for settling disputes, used both in the domestic and international transactions.However, foreign investors frequently complain about a lack of "sanctity of contracts." Critics say that liquidating a bankrupt company may take as long as 20 years.
- Arbitration Law
- Arbitration and Conciliation Act of 1996 (for details visit Indian Council of Arbitration), based on the UNCITRAL (United Nations Commission on International Trade Law) Model Law on international Commercial Arbitration.
- Conformity to International Commercial Arbitration Rules
- Party to the
New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
Party to the Geneva Protocol on Arbitration Clauses.
Party to the Geneva Convention of the Execution of Foreign Arbitral Awards.
- Appointment of Arbitrators
The number of arbitrators to hear a dispute shall be determined as under:
1. In case the claimed amount does not exceed INR 10 million and the arbitration agreement does not specify three arbitrators, the dispute will be heard and settled by a single arbitrator.2. In case the claimed amount exceeds INR 10 million, the dispute will be heard and determined by three arbitrators, unless the parties to the dispute agree to refer the dispute to a sole arbitrator.
- Arbitration Procedure
- After hearing both parties, the arbitrator makes an award.
When an award has been made, the arbitrator shall furnish a true copy of the award to all the concerned parties by registered mail.
To avoid delays and further litigation, the arbitrator shall ask the parties to agree that the award made by the arbitrators/s shall be final and binding on the parties and neither party shall be entitled to challenge it in the Court of law.
- Permanent Arbitration Bodies
International Center for Alternative Dispute Resolution (ICADR)(Sectors Covered: ICADR has been established as an autonomous organization under the Ministry of Law and Justice and Company Affairs to promote settlement of domestic and international disputes through different modes of alternate dispute resolution.)
Indian Council of Arbitration (ICA) (Sectors Covered: ICA 's objective is to propagate and popularize the idea of arbitration in disputes.)
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Arbitration, corporate Law, criminal, civil matter, India